SEOUL, July 26 (Yonhap) -- KB Financial Group Co., South Korea's No. 2 banking group, said Friday its second-quarter earnings fell 70.4 percent from a year earlier on squeezed profit margins.
Net profit amounted to 163.5 billion won (US$147 million) in the April-June period, compared with 551.6 billion won the previous year, the group said in a regulatory filing. In the first half, the group's earnings declined 50.3 percent to 575 billion won.
The group's bottom line was sharply lower than a consensus of 318.6 billion won in a poll made by Yonhap Infomax, the financial news arm of Yonhap News Agency.
Local banking groups have suffered from falling profitability as a long streak of low rates squeezed their lending margin and a series of corporate overhauls led them to set aside higher loan-loss reserves.